JAMB Accounting 2010 Objective — Question 25

Question 25 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2010 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 25 and 26 31/12/08 vs 31/12/09: Furniture and fittings 21,000/28,000; Office equipment 9,800/13,200; Debtors 6,800/5,200; Creditors 4,900/5,100; Cash at bank 7,000/4,600; Accrued electricity Bills -/1,200. Monthly drawing average #330. 25. Find the opening capital. A. #39,700 B. #35,900 C. #35,740 D. #43,660

A. #39,700Correct
B. #35,900
C. #35,740
D. #43,660

Explanation

Capital = Asset - Liabilities = N(2,000+9,800+6,800+2,000) - N(4,900) [figures per original working] = N39,700.

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